Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
5th Edition
ISBN: 9780134078939
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 1, Problem 1.24E
Using the
The records of Meehan Company show the following at December 31, 2016:
Requirements
- 1. Compute the missing amount for Meehan Company. You will need to determine
Retained Earnings , December 31, 2016, and total stockholders’ equity. - 2. Did Meehan earn a net income or suffer a net loss for the year? Compute the amount.
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The records of Fugazy Company show the following at December 31 , 2018:
E (Click the icon to view the data.)
Read the requirements.
Requirement 1. Compute the missing amount for Fugazy Company. You will need to determine Retained Earnings, December 31,2018, and total stockholders' equity, December 31,2018.
Begin by determining total stockholders' equity. Rework the accounting equation and then solve for stockholders' equity ("equity") at the beginning and end of the period.
Equity
Beginning
Ending
Data table
%3D
Assets & Liabilities:
Equity:
Beginning:
Common Stock
৪.000
Assets
$ 68,000 Dividends
10,000
Liabilities
41.000 Revenues
238.000
Ending:
Expenses
Retained Earnings, January 1,
Assets
$ 94.000 2018
19.000
Liabilities
55,000
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The accounting records of Tama Co. show the following assets and liabilities as of December 31, 2018 and 2019. 1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities. 2. Compute net income for 2019 by comparing total equity amounts for these two years and using thefollowing information: During 2019, the owner invested $5,000 additional cash in the business and withdrew $3,000 cash for personal use. 3. Compute the December 31, 2019, debt ratio (in percent and rounded to one decimal).
During 2017, Cullumber Company entered into the following transactions.
1. Purchased
$277,720 cash.
2. Issued common stock to investors for $135,480 cash.
3. Purchased inventory of $66,390 on account.
Using the following tabular analysis, show the effect of each transaction on the accounting equation. For Retained Eamings, use separate columns for Revenues, Expenses, and Dividends if necessary. (If a transaction causes a decrease in Assets, Liabilities or
Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-3 for example.)
(1) $
(2)
(3)
Assets
Cash + Inventory
Liabilities +
Stockholders' Equity
+ Equipment = Accounts Payable + Common Stock + Retained Earnings
Chapter 1 Solutions
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
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